Canopius, the Lloyd's underwriting group, has agreed to acquire fellow Lloyd's business Creechurch.
Creechurch manages Syndicates 1607 and 3786 for the 2006 year at Lloyd's with combined premium capacity of £90m.
The syndicates specialise in marine and energy, personal accident, and UK liability and professional indemnity insurance.
For the 2007 year, all of the Creechurch business will be written through Canopius's flagship Syndicate 4444.
In parallel with this acquisition, Canopius said it intends to increase Syndicate 4444's gross premium capacity from £300m to £450m for 2007.
Michael Watson, chairman and chief executive of Canopius said: “The acquisition furthers our ambitions for profitable growth whilst increasing diversification and lowering volatility.”
“Creechurch's operations are highly complementary to those of Canopius. The combination of Creechurch's marine and energy business with Canopius's cargo and specie team will create a significant force in the marine market."
“This acquisition will position Canopius as a significant participant in the Lloyd's market, offering substantial lead capability and capacity to clients and brokers in a wide variety of classes”.
The transaction remains subject to regulatory consent and customary closing conditions.
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